Business

• Trump, Clinton poised for big wins on Super Tuesday (Reuters)
• U.S. Index Futures Signal Equities to Rebound After Monthly Drop (BBG)
• Barclays Plummets as Bank Slashes Dividend in Plan to Shrink (BBG)
• Glencore Tumbles to Loss, Promises Accelerated Debt Reduction (WSJ)
• The Angry Americans: Trump, Sanders and the Aftershocks of 2008 (BBG)
• Euro sinks as weak data piles pressure on European Central Bank (Reuters)
• China's PMI Reports Show Slowdown Deepening as Services Slip (BBG)

With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.

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Ask The Expert - Grant Williams

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As we detailed earlier, for the first time in the history of crazy, Japan 'sold' 10-year government bonds today at a negative yield. Translated into English, this means "investors" agreed to pay the Japanese government 2.4bps per year for the privilege of lending it money for 10 years...

Down from a 7.8bps positive yield at the last auction, the 10Y auction's average yield was -2.4bps...

Peter Pan(ic) continues as the rest of the JGB curve collapses to fresh record low yields and await the reaction in Japanese bank stocks...

We’ve spent more time than most documenting China’s wealth management product problem.

WMPs are part and parcel of Beijing’s sprawling shadow banking complex which, until 2014 that is, helped pump trillions of yuan into China’s economy and shouldered the burden when it came to propping up the most important economy on the planet.

But WMPs are dangerous. In fact, we flagged them as an 8 trillion black swan back in August on the way to asking what would happen if China’s shadow banking sector were to collapse altogether.